“In the early twenty-first century, a book titled Twilight in the Desert concluded that “Sooner or later, the worldwide use of oil must peak” and that is because “oil, like the other two fossil fuels, coal and natural gas, is nonrenewable.” That is certainly true in the abstract, just as it is true in the abstract that sooner or later the sun must grow cold. But that is very different from saying that this has any relevance to any problem confronting us in the next century or the next millennium. The insinuation, however, was that we faced some enduring energy crisis in our own time, and the fact that the price of crude oil had shot up to $ 147 a barrel, with the price of gasoline shooting up to $ 4 a gallon, lent credence to that insinuation. But, in 2010, the New York Times reported:
Just as it seemed that the world was running on fumes, giant oil fields were discovered off the coasts of Brazil and Africa, and Canadian oil sands projects expanded so fast, they now provide North America with more oil than Saudi Arabia. In addition, the United States has increased domestic oil production for the first time in a generation.{”
— Basic Economics by #ThomasSowell
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